The post Australian Dollar rises on hawkish RBA and rising metals prices appeared on BitcoinEthereumNews.com.

AUD/USD attempts to recover the 100-day SMA at 0.6700. RBA’s reluctance to embrace cuts benefits the AUD. Copper and iron ore prices rebound, supporting Australian Dollar. The AUD/USD rose by 0.35% to 0.6685 on Tuesday, recovering sharply from 0.6650 amid hawkish signals from the Reserve Bank of Australia (RBA) and hopes for economic stimulus. Markets seem to be considering the possibility of no cuts by the RBA this year. Copper and iron ore prices rebounded as well, providing support to the Australian Dollar. The RBA is on track to becoming the last central bank of the G10 countries to start cutting interest rates. In the meantime, the bank’s officials haven’t offered clues about when they might consider a rate cut. Daily digest market movers: Australian Dollar rises sharply as RBA signals less likelihood of rate cut AUD/USD rallied Tuesday despite USD’s gains, buoyed by hopes for China’s stimulus and a hawkish RBA. Lately, RBA Deputy Governor Hauser cautioned against excessive RBA easing, citing elevated inflation. He warned that he preferred to maintain a data-dependent approach and offered no clues of even being open to cutting. As for now, the money market has only 50% odds of a 25 bps cut in 2024. AUD/USD technical outlook: Buyers step in, capped by 100-day SMA The Relative Strength Index (RSI) has recovered from a low of 39 into the negative area, indicating that buying pressure is recovering for the Aussie. However, the Moving Average Convergence Divergence (MACD) histogram is red and decreasing, suggesting that selling pressure is still present while declining. The overall outlook is mixed with the RSI suggesting a recovery in buying pressure and the MACD suggesting a decline in selling pressure. Support levels are seen around 0.6680, 0.6650 and 0.6630, while resistance levels are located near 0.6700 (100-day SMA), 0.6730…

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Filed under: News - @ October 22, 2024 10:25 pm